FINAL ACCOUNTS

FINAL ACCOUNTS ADJUSTMENT ENTRIES SOLUTIONS/SOLE PROPRIETORSHIP/HOW TO SOLVE ADJUSTMENT ENTRIES/BENGALI & ENGLISH VERSION 

adjustment entries related to Unrecorded entries, wrong entries of final accounts of sole proprietorship accounts. 

adjustment entries related to different aspects and their solution. 

ADJUSTMENT ENTRIES RELATED TO-

1) GOODS RECEIVED BUT NOT THE INVOICE

2) GOODS SOLD BUT DISPATCHED LATER

3) GOODS DESTROYED BY FIRE AND INSURANCE CLAIM RECEIVABLE / RECEIVED

4) DEBTORS BECAME INSOLVENT AND NOTHING COULD REALISED FROM HIM

5) CHEQUE DISHONOURED BUT NOT ENTER IN CASH BOOK NOW IT IS BAD

6)  CHEQUE DISHONOURED BUT NOT ENTER IN CASH BOOK NOW IT IS EXPECTED THAT 40 PAISE IN THE RUPEE WILL BE RECEIVED.

7) CASH/ GOODS EMBEZZLED BY DISHONEST EMPLOYEE 

ADJUSTMENT ENTRIES RELATED TO 

1) STOCK ON 31ST DEC. 2020 RS.1000

2) CLOSING STOCK APPEARED IN TRIAL BALANCE AT RS.10000

3) CLOSING STOCK AT MARKET PRICE AS ON 31ST MARCH 2020 WAS RS. 61500, COST PRICE OF SUCH STOCK RS.80000 

VALUATION OF CLOSING STOCK.STOCK WAS TAKEN ON 31ST MARCH 2020. BUT ACTUALLY TAKEN ON 7TH APRIL 2020 AT RS.10200 ,TRANSACTIONS DURING THE WEEK ENDED APRIL 7TH ,2020 WERE SALES RS. 12800, PURCHASE RS. 8100, A UNIFORM 20% PROFIT IS MADE ON SELLING PRICE.

BANK OVERDRAFT IS SECURED AGAINST HYPOTHECATION OF STOCK . BANK OVERDRAFT OUTSTANDING AS ON 31.3.20 (RS. 80000) HAS BEEN CONSIDERED AS 80% OF REAL VALUE OF STOCK (DEDUCTING 20% AS MARGIN) AND AFTER ADJUSTING THE MARGIN VALUE 80% OF THE SAME HAS BEEN ALLOWED TO DRAW AS AN OVERDRAFT 

ANSWER:-

80000*100/80*100/80=125000